Case Studies

60 Parkway Drive, East Orange, NJ

Situation

60 Parkway Drive is a 180-unit high-rise condominium located in East Orange, New Jersey.  The developers successfully sold 120 units over a three-year period, but sales began to significantly slow down.

The Seller’s goal was to sell a large portion of the remaining finished inventory (40 units) in order to revive sales by driving traffic into the building and to realize a portion of their equity.

Strategic Solution

We offered for sale 30 units, with 12 to be sold Absolute regardless of price.

Conclusion

The six-week auction program produced the following results:

  • 1300+ Inquiries 
  • 535+ Open House Attendees (Parties)
  • 220 Due Diligence Packets Sold
  • 90 Bidding Parties
  • 36 Units Sold

36 Units Sold in One Day

The Seller was very pleased with the result, as our process produced a market result to sell and close almost their entire finished inventory.  

Note: The Seller re-hired us to close out the project and sell their newly finished penthouse units a year later.